The global
testing, inspection, and certification market comprises a key component of the
modern consumer goods product chain. The consumer goods market has enjoyed a
rapid rise in recent decades, which has seen a proportionate increase in the
awareness about the importance of testing, inspection, and certification
processes to ensure the reliability of the item and consequently the safety of
the customer. The global testing, inspection, and certification market has thus
exhibited steady progress in the recent past. Aided by the widening outreach of
government-led initiatives to increase consumer awareness, the global testing,
inspection, and certification market is likely to rise steadily in the coming
years.

According to a
report from Transparency Market Research (TMR), the global testing, inspection,
and certification market is expected to rise to a valuation of US$285.3 bn by
the end of 2024. The market carried a value of US$178.6 bn into 2016 and is
expected to progress at a steady CAGR of 5.7% between 2016 and 2024.

Which Industries
Dominate Demand from the Global Testing, Inspection, and Certification Market?

The global
testing, inspection, and certification market receives demand from a wide array
of industries due to the vital need to ensure the reliability and safety of end
products that have a significant impact on the customer. The food and beverage
industry is thus one of the leading application segments of the global testing,
inspection, and certification market. The oil and gas industry, though, has
been the foremost customer of testing, inspection, and certification services
and is likely to retain the position in the coming years thanks to the rising
number of offshore oil and gas E&P projects. Application in the oil and gas
industry is expected to account for more than a third of the global testing,
inspection, and certification market by 2024, with a 5.6% CAGR projected for
the segment through the forecast period.

The automotive
industry is likely to take on a crucial role in the growth of the global
testing, inspection, and certification market in the coming years. This is primarily
due to the rising adoption of technological advancements in electric vehicles and
autonomous vehicles. These two technologies are expected to be an essential
part of the future of the automotive industry and are thus likely to entail
significant demand from the global testing, inspection, and certification
market in the coming years.

In April 2017,
technology giant Apple received the permit to test autonomous cars ­– a sector
currently being pioneered by trailblazers such as Alphabet, Tesla, and
Volkswagen. The autonomous vehicles sector, in particular, is thus likely to be
a key application segment of the global testing, inspection, and certification
market in the coming years.

What
are the Key Regions for the Global Testing, Inspection, and Certification
Market?

The global
testing, inspection, and certification market is dominated by Europe and North
America due to the presence of several leading market players. The developed
regions are also home to firmly established and progressive industrial facilities
in the aerospace sector, another leading application segment of the global
testing, inspection, and certification market, and the automotive sector.

Developing
regions such as Asia Pacific and Latin America are likely to play a crucial
role in the future of the global testing, inspection, and certification market.
This is mainly due to the rising prosperity of the average consumer in these
regions, which has driven the consumer goods sector in countries such as India,
China, Mexico, Thailand, Japan, South Korea, Argentina, and Brazil in recent
years. Asia Pacific is likely to exhibit growth at the highest CAGR over the
2016-2024 forecast period, with the food and beverages industry projected to be
vital for the testing, inspection, and certification market in the region.